PROFITABILITY RATIO ANALYSIS PROFIT GROWTH PT.
GUDANG GARAM TBK ON THE IDX FOR THE 2014-2021 PERIOD
Abdul Karim1, Indah Syamsuddin2, Asrianto3
Faculty of Economics and Business, Universitas Bosowa, Makassar, South Sulawesi, Indonesia1,2 STIE Pelita Buana, Makassar, South Sulawesi, Indonesia3
E-mail: [email protected]
Abstract: This study aims to analyze the effect of ROA, ROE, and NPM on the profit growth of cigarette manufacturing companies on the IDX for the period 2014- 2021. This study uses the method of analyzing the relationship between the independent variables and the dependent variable with descriptive statistical analysis, multiple linear regression, assumption test, and hypothesis testing.
The results of the study partially identified that ROE on profit growth had a significant effect at 2.221 and a p-value of 0.035. ROE on profit growth is not significant and negative at -1.593 and p-value 0.122. While NPM has a significant and positive effect on profit growth at 4.740 and a p-value of 0.000.
Net Profit Margin, Return On Assets, and Return On Equity affect profit growth using secondary data from the IDX. PT. Gudang Garam must evaluate the aspects of the profitability ratio, this is proven by ROE which hurts profit growth so that equity is correct so that all assets can be used efficiently so that profits are maximized.
Keywords: ROA; ROE; NPM; Profit Growth
Submitted: 2023-05-31; Revised: 2023-06-05; Accepted: 2023-06-19
1. Introduction
Financial Reports are the return of decisions and the formation of management policies by showing every problem that is owned by the company, both its weaknesses and strengths (Ramadita & Suzan, 2019). The components of financial statements are divided into several types and each has its financial components, aims, and objectives (Hernita et al, 2021). In practice, each part or whole of the financial statements will show the position and financial condition of a business (Mardjuni et al, 2022). Part of the components of other financial statements besides the statement of financial position, which is important is the income statement, which will show the results of the business entity's activities during a certain period (Hasniati et al, 2023). Financial ratio analysis is a tool to determine the company's growth potential (Marazani et al, 2017). With the existence of the company's financial ratios, the management section knows more about financial developments at any time that is running, so with this analysis process it can be seen the weaknesses of the company's activities and all the results that have been achieved which are considered good (Adams et al, 2021).
One of the measurements that are commonly used is using profitability ratios (Cristóbal et al, 2018). The profitability ratio is a ratio to assess a company's ability to make a profit (Rosko et al, 2020). This ratio also provides a measure of the effectiveness of a company's
management (Karim et al, 2021). For companies, the issue of profitability is very important (Dwiastuti & Dillak, 2019). For company leaders, profitability is used as a measure of the success or failure of the company they lead, while for company employees the higher the profitability obtained by the company or agency, the more there is an opportunity to increase employee salaries (Saptiani & Fakhroni, 2020). Measuring tools used to measure the level of profitability in companies, including gross profit margin, net profit margin, operating profit margin, return on investment, return on equity, return on assets, and measurement of profit growth (Karim et al, 2022). In this study, profitability is measured using industry average standards that have been used in high-profit industrial companies to support operational activities to the fullest (Helastica & Paramita, 2020).
Cigarette company PT. Gudang Garam Tbk is the largest cigarette manufacturer in Indonesia which was established in 1958 in Kediri City, East Java. Company PT. Gudang Garam is widely known both domestically and abroad as a producer of high-quality kretek cigarettes (Satryo et al, 2017). In addition, this company has 36,400 employees employed and the amount of excise tax received by the state (Rani & Triani, 2021). This indicates that a cigarette company is a form of business that has prospects in Indonesia considering the high demand for cigarette products in Indonesia. PT. Gudang Garam Tbk is an example of a company that can adapt to globalization (Wahyuni et al, 2022). This has been proven so far that the company can survive and develop in carrying out the survival of the company (Carolina, 2020). In its development, PT. Gudang Garam Tbk. Experiencing many good changes in the status of the company capable of management (Madyan et al, 2020).
The overall assets owned by the company PT. Gudang Garam Tbk tend to experience significant growth, namely, in 2015 it grew positively by 9.07%. In 2016 it decreased by - 8.87%, in 2017 it grew by 6.04%. In 2018 it decreased by 3.50%, in 2019 it increased by 13.82%, in 2020 it decreased by -0.57% and in 2021 assets grew by 15.05%. PT. Gudang Garam Tbk shows that the net profit obtained from 2014-2021 is still fluctuating. In 2015 it increased by 18.77%. Then in 2016, it decreased by 3.44% and in 2017 it increased by 16.22% and in 2018 it again decreased by 0.48%. This is due to the large burden of the company in that period (Tandean & Winnie). Furthermore, in 2019 net profit increased by 40% which was the highest increase compared to other periods (Utami et al, 2021). In 2020 it has decreased drastically by -29.71% and in 2021 it also decreased by -26.70%. One important indicator in measuring profit growth in a company can show that the management has succeeded in managing the company's resources effectively and efficiently (Surya et al, 2021). A company in a certain year may experience quite rapid profit growth compared to the average company. However, for the following year, the company may experience a decline in profits (Grzybowski & Brona, 2021).
2. Research Method
The type of research used is quantitative data, which is an approach that has and has characteristics where the data used is in the form of numbers and statistical analysis. A quantitative approach is an approach that uses data in the form of numbers in statistical analysis (Samo & Murad, 2019). The data used to analyze the influence between variables is expressed in numbers or on a numerical scale. Data sources in this research use secondary data sources. The data source was obtained from the Indonesian stock exchange website (www.idx.co.id). The company's financial reports were published for the period 2014-2021 which are closely related to the discussion about this research.
Variables in a study determine the success or failure of the research conducted. Variables can be interpreted as a totality or object of observation under study. The research title was chosen by the author, namely profitability ratio analysis in measuring profit growth (Permadi et al, 2018). So, the authors grouped the variables used in the study into the independent variables used in this study, namely ROA, ROE, and NPM with the dependent variable used being profit growth.
The population is the whole area, object, or individual that has boundaries and certain characteristics that allow researchers to conclude. A phenomenon as well as providing guidelines for research results addressed to what and to whom the research can be generalized. The population in this study is the entire publication of financial report data of PT. Gudang Garam Tbk for 8 years for the 2014-2021 period which is published by the Indonesian Stock Exchange (IDX).
The sample is part of the population that will be taken and used as a representation of the population. The sample in this study is the financial position and income statement at PT.
Gudang Garam Tbk from 2014-2021 where the data is taken in the company's annual and quarterly reports which have been published on the Stock Exchange (IDX) via www.idx.co.id and the website www.idnfinancials.com.
This analysis is used to collect data, process data, and present data. The presentation can use tables, diagrams, sizes, and pictures. Descriptive statistics are shown by frequency, measures of central tendency (mean, median, mode), and dispersion (range, variance, standard deviation). Multiple linear regression is a regression model that involves more than one independent variable. Multiple linear regression analysis was carried out to determine the direction and how much influence the independent variables have on the dependent variable.
Y = α + β1X1 + β2X2 + β3X3 + e Description:
Y = Dependent variable (profit growth) α = Constant
β1, β2, β3 = Regression coefficient X1 = Independent variable (ROA) X2 = Independent variable (ROE) X3 = Independent variable (NPM) e = Error
3. Results and Discussion 3.1. Results
Percentage generated by the company in one year so that it can describe the results of the company's financial performance in managing its assets. The higher the ratio value, the better a business is at earning profits. This ratio is important in evaluating the effectiveness and efficiency of the management of a business. Many assets should also be able to generate large profits for the company. Return On Assets can be measured by dividing net profit before tax by total assets owned. The following is the result of calculating profitability (ROA) at PT.
Gudang Garam Tbk.
Table 1.
Calculation of Profitability ROA of PT. Gudang Garam Tbk Period 2014-2021 Period Quarter EBIT
(Million IDR)
Total assets (Million IDR)
ROA (%)
Standard Average (%)
2014
Q1 Q2 Q3 Q4
1,913,861 3,648,893 5,428,623 7,205,845
52,470,532 53,839,153 56,579,914 58,220,600
3.65 6.78 9.59 12.38
5.98%
8.10
2015
Q1 Q2 Q3 Q4
1,715,665 3,216,871 5,495,197 8,635,275
59,699,967 59,343,354 59,341,389 63,505,413
2.87 5.42 9.26 13.60
5.98% 7.79
2016
Q1 Q2 Q3 Q4
2,279,796 3,817,542 6,150,801 8,931,136
63,260,429 63,529,940 62,817,278 62,951,634
3.60 6.01 9.79 14.19
5.98% 8.40
2017
Q1 Q2 Q3 Q4
2,534,177 4,213,368 7,274,166 10,436,512
59,490,774 62,364,930 62,797,627 66,759,930
4.26 6.76 11.58 15.63
5.98% 9.56
2018
Q1 Q2 Q3 Q4
2,531,018 4,749,780 7,760,790 10,479,242
63,304,028 65,977,228 66,751,360 69,097,219
4.00 7.20 11.63 15.17
5.98% 9.50
2019
Q1 Q2 Q3 Q4
3,145,217 5,709,054 9,670,596 14,487,736
65,660,622 66,700,099 71,970,293 78,647,274
4.79 8.56 13.44 18.42
5.98% 11.30
2020
Q1 Q2 Q3 Q4
3,173,278 4,938,174 7,278,794 9,663,133
76,828,599 79,158,868 76,929,023 78,191,409
4.13 6.24 9.46 12.36
5.98% 8.05
2021
Q1 Q2 Q3 Q4
2,229,374 2,954,523 5,279,408 7,286,846
79,824,097 79,436,578 83,251,441 89,964,369
2.79 3.72 6.34 8.10
5.98% 5.24
Table 2.
Calculation of Profitability ROE of PT. Gudang Garam Tbk Period 2014-2021 Period Quarter EBIT
(Million IDR)
Total assets (Million IDR)
ROE (%)
Standard Average (%)
2014
Q1 Q2 Q3 Q4
2,201,437 4,222,656 6,354,832 8,577,656
30,851,207 30,568,348 31,900,984 33,228,720
7.14 13.81 19.92 25.81
8.32%
16.67
2015
Q1 Q2 Q3 Q4
2,119,016 3,966,650 6,581,037 6,452,834
34,481,692 34,057,604 35,762,675 38,007,909
6.15 11.65 18.40 16.98
8.32% 13.29
2016
Q1 Q2 Q3 Q4
1,702,521 2,872,008 4,597,751 6,672,682
39,702,207 35,858,545 37,584,288 39,564,228
4.29 8.01 12.23 16.87
8.32% 10.35
2017
Q1 Q2 Q3 Q4
1,890,130 3,125,134 5,419,448 7,755,347
41,396,981 37,610,074 62,797,627 42,187,664
4.57 8.31 8.63 18.38
8.32% 9.97
2018
Q1 Q2 Q3 Q4
1,892,695 3,555,963 5,762,423 7,793,068
44,080,359 40,740,398 42,927,699 45,133,285
4.29 8.73 13.42 17.27
8.32% 10.93
2019
Q1 Q2 Q3 Q4
2,355,332 4,280,996 7,243,266 10,880,704
47,488,617 44,411,652 47,373,922 50,930,758
4.96 9.64 15.29 21.36
8.32% 12.81
2020
Q1 Q2 Q3 Q4
2,446,609 3,820,803 5,647,228 7,647,729
53,377,367 54,751,561 56,577,986 58,522,468
4.58 6.98 9.98 13.07
8.32% 8.65
2021
Q1 Q2 Q3 Q4
1,746,542 2,310,578 4,134,576 5,605,321
60,269,010 60,833,046 57,720,347 59,288,274
2.90 3.80 7.16 9.45
8.32% 5.83
Table 3.
Calculation of Profitability NPM of PT. Gudang Garam Tbk Period 2014-2021 Period Quarter EBIT
(Million IDR)
Total assets (Million IDR)
NPM (%)
Standard Average (%)
2014
Q1 Q2 Q3 Q4
2,201,437 4,222,656 6,354,832 8,577,656
15,670,252 32,667,729 48,189,776 65,185,850
14.05 12.93 13.19 13.16
3.29%
13.33
2015
Q1 Q2 Q3 Q4
2,119,016 3,966,650 6,581,037 6,452,834
15,983,896 33,226,047 51,011,835 70,365,573
13.26 11.94 12.90 9.17
3.29% 11.82
2016
Q1 Q2 Q3 Q4
1,702,521 2,872,008 4,597,751 6,672,682
17,992,761 36,962,772 56,211,870 76,274,147
9.46 7.77 8.18 8.75
3.29% 8.54
2017
Q1 Q2 Q3 Q4
1,890,130 3,125,134 5,419,448 7,755,347
19,969,814 40,245,294 61,523,113 83,305,925
9.46 7.77 8.81 9.31
3.29% 8.84
2018
Q1 Q2 Q3 Q4
1,892,695 3,555,963 5,762,423 7,793,068
21,980,863 45,305,015 69,889,350 95,707,663
8.61 7.85 8.25 8.14
3.29% 8.21
2019
Q1 Q2 Q3 Q4
2,355,332 4,280,996 7,243,266 10,880,704
26,196,611 52,744,857 81,721,032 110,523,819
8.99 8.12 8.86 9.84
3.29% 8.95
2020
Q1 Q2 Q3 Q4
2,446,609 3,820,803 5,647,228 7,647,729
27,260,976 53,654,639 83,357,059 114,477,311
8.97 7.12 6.77 6.68
8.32% 7.39
2021
Q1 Q2 Q3 Q4
1,746,542 2,310,578 4,134,576 5,605,321
29,747,173 60,587,299 92,070,856 124,881,266
5.87 3.81 4.49 4.49
3.29% 4.67
The profit growth above can be seen in the first quarter of 2014 showing the highest of 0.42 while the lowest profit growth was in the second quarter of 2021 at -0.40. For more details, the data is made in the form of the following graph:
Figure 1. Profit Growth the Year 2014-2021 (%)
Profit growth graph of PT. Gudang Garam Tbk started in 2014 with an increase of 33%, this happened because sales increased. Then in 2015, it decreased by -8% this happened because there was no current annual profit from the operations carried out. In 2016 profit growth again decreased by -18%. This happened because the cost of goods sold increased and
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2014 2015 2016 2017 2018 2019 2020 2021
raw material prices rose. In 2017 profit growth increased by 13%, this was due to increased sales. In 2018 profit growth decreased by 5% because the cost of goods sold increased due to rising raw material prices. In 2019 profit growth returned to increase by 28% this happened because sales increased. In 2020 profit growth decreased by -15% due to the increased cost of goods sold. In 2021, Return's profit growth has decreased quite drastically compared to previous years, namely by -30% due to increased cost of goods sold and raw material prices increased and production costs soared. So, profit growth at PT. Gudang Garam Tbk for 8 years from 2014-2021 experienced fluctuations.
Descriptive statistics is an analysis that is used to analyze data by describing or describing the data that has been collected. Descriptive statistics provide an overview of the minimum value, maximum value, the average value (mean), and standard deviation of the variables studied.
Table 4. Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
ROA 32 2.79 18.42 8.4912 4.28492
ROE 32 2.90 25.81 11.0634 5.93335
NPM 32 3.81 14.05 8.9678 2.65003
Profit growth 32 -.40 .40 .0087 .23361
Valid N (listwise) 32
The number of observations in one of the manufacturing companies PT Gudang Garam Tbk listed on the Indonesia Stock Exchange in 2014-2021 in this study was 32 data. The company's mean (average) profit is 0.0087. The lowest (minimum) company profit is -0.40 and the highest (maximum) company profit is 0.42. From these data, the average profit growth experienced a good increase of 0.008. This shows that the sample companies experienced a reasonably good profit increase. The standard deviation of profit growth is 0.233, more significant than the mean value of 0.008.
In the Return On Assets (ROA) variable, the largest (maximum) value is 18.42 and the smallest (minimum) value is 2.79. The average return on assets (ROA) is 8.49 with a standard deviation of 4.28. Return On Assets (ROA) variable data has a small distribution. So, it can be concluded that the data used is quite good. In the variable Return On Equity (ROE), the largest (maximum) value is 25.81 and the smallest (minimum) value is 2.90. The average return on equity (ROE) is 11.06 with a standard deviation of 5.93. Return On Equity (ROE) variable data has a small distribution which means the data used is good enough. In the Net Profit Margin (NPM) variable, the largest (maximum) value is 14.05 and the smallest (minimum) value is 3.81. The average value of the Net Profit Margin (NPM) is 8.96 with a standard deviation of 2.65. The Net Profit Margin (NPM) variable data has a small distribution. It can be concluded that the data used is quite good.
Good research is research that has a regression model that is not correlated between independent variables or can be said to be multicollinearity. To be able to see whether multicollinearity occurs in the regression model or not, the regression model must have a variance inflation factor (VIP) value less than 10 (VIP <10) and a tolerance value greater than 0.10.
Table 5. Multicollinearity Test Results
Model
Standardized
coefficients t Sig.
Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -.753 .146 -5.149 .000
ROA .036 .016 .667 2.221 .035 .183 5.474
ROE -.021 .013 -.526 -1.593 .122 .151 6.610
NPM .076 .016 .863 4.740 .000 .498 2.009
a. Dependent Variable: Profit growth
Autocorrelation testing is used to show whether a regression model has residual errors that are correlated with each other in a period with the previous period. A good regression model is a regression model that is free from autocorrelation because the correlation coefficient obtained in the regression model is not accurate. The Durbin – Watson (D-W) test is a method used in this research to detect the presence or absence of autocorrelation symptoms in the regression model.
Table 6. Autocorrelation Test Model
R R Square Std. Error R Square
Std. Error of the Estimate
Durbin- Watson
1 .734a .538 .489 .16702 .754
a. Predictors: (Constant), NPM, ROA, ROE b. Dependent Variable: Profit growth
Testing the multiple linear regression model is used to test and obtain an overview of the overall effect of the independent variable (X) which has a total of two or more on the dependent variable (Y). Multiple linear regression was carried out using SPSS Version 25 in this study.
Table 7. Multiple Linear Regression Test Model
Standardized coefficients
t Sig.
B Std. Error Beta
1 (Constant) -.753 .146 -5.149 .000
ROA .036 .016 .667 2.221 .035
ROE -.021 .013 -.526 -1.593 .122
NPM .076 .016 .863 4.740 .000
a. Dependent Variable: Profit growth 3.2. Discussion
Discussion of the results of this study will provide an overview of the results of the analysis and findings in this research regarding the suitability of the various theories that have been studied, the opinions of experts, and previous research, each of which has been described in the previous discussion. Based on the research findings, the description of the discussion of the results and research findings is divided into four main sections.
Research findings based on statistical tests with individual (partial) hypothesis testing. At the significance level = 5%, it shows that the variable Return On Assets (ROA) has a significant influence on profit growth (PL) at PT. Gudang Garam Tbk. This can be seen from
the partial test results in table 12 where t count > t table (2.221 > 1.6991) and the significance value is less than 0.05 (0.035 <0.05) which means that if there is an increase in Return On Assets (ROA) will be followed by an increase in the company's profit growth. From the calculation of the ratio is 2014 to 2021 it can be seen that PT. Gudang Garam Tbk indicates that the company is efficient in managing its assets for the production process so that the company's sales can increase profits. The results of the ROA variable have a positive and significant effect on profit growth.
Research findings based on statistical tests with individual (partial) hypothesis testing. At the significance level = 5%, it shows that the variable Return On Equity (ROE) has no significant effect on profit growth (PL) at PT. Gudang Garam Tbk. This can be seen from the partial test results in table 12 where t count < t table (- 1.593 < 1.6991) and the significance value is greater than 0.05 (0.122 > 0.05) which means that Return On Equity (ROE) has a negative and insignificant effect on the company's profit growth. From the calculation of the ratio is 2014 to 2021 PT. Gudang Garam Tbk indicated that this was caused by the nature and pattern of investments made by the company that was not appropriate so all assets were not used efficiently, so the profit earned was not optimal. In addition, the owned capital is also used to cover the debts owed. The results of the study show that ROE has a negative and insignificant effect on profit growth.
Research findings based on statistical tests with individual (partial) hypothesis testing. At the significance level = 5%, it shows that the Net Profit Margin (NPM) variable has a significant influence on profit growth (PL) at PT. Gudang Garam Tbk. This can be seen from the partial test results in table 12 where t count > t table (4.740 > 1.6991) and the significance value is less than 0.05 (0.000 <0.05) which means that if there is an increase in Net Profit Marin (NPM) will be followed by an increase in company profit growth. This indicates that a high NPM indicates that the company can increase its business by achieving operating profit in that period. By achieving this profit, investors can expect a high return on their capital.
Thus, it can be said that profit growth will increase. The results of the NPM variable have a positive and significant effect on profit growth.
4. Conclusion
The partial test shows that the variable Return On Assets (ROA) has a positive and significant influence individually on profit growth at PT. Gudang Garam Tbk. This means that if there is an increase in Return On Assets (ROA) it will be followed by an increase in the company's profit growth. The partial test shows that the variable Return On Equity (ROE) has a negative and not significant effect individually on profit growth at PT. Gudang Garam Tbk. This means that Return On Equity (ROE) has a negative and not significant effect on the company's profit growth. The partial test shows that the variable Net Profit Margin (NPM) has a positive and significant influence individually on profit growth at PT. Gudang Garam Tbk. This means that if there is an increase in the Net Profit Margin (NPM) it will be followed by an increase in the company's profit growth. The simultaneous test concluded that there was a significant and positive effect simultaneously between the independent variables, namely Return On Assets (ROA), Return On Equity (ROE), and Net Profit Margin (NPM) on profit growth at PT. Gudang Garam Tbk.
PT Gudang Garam is advised to evaluate the existing aspects of the profitability ratio.
This study proves that if ROE hurts profit growth low equity must manage the right investment pattern so that all assets can be used efficiently then the profit earned will be maximized. In addition, the income generated by the model that comes from debt can also be
used to cover the high cost of capital. For future researchers, when conducting further research, it is better if the financial ratios used do not only use one type of financial ratio, it is better if all types of financial ratios are used but adapted to the problem to be studied. Further research should also be able to pay attention to other factors that can affect profit growth besides financial ratios. In addition, using a longer period to obtain accurate data completeness and objects for further research should use a wider range of objects, not only tobacco industry companies but other companies listed on the IDX.
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